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THE BRAVE NEW WORLD OF OPEN BANKING

Exploiting Inbound and Outbound Trade Opportunities

OVERVIEW

What banks can learn from 17th-century Dutch traders

Most market watchers now view Open Banking as an inevitable and accelerating structural trend.
Indeed, what’s coming from this trend is akin to the 17th-century open Dutch economy. Much like
the Dutch’s entrepreneurial traders, innovative banks will need to master the art of both
interdependence and bilateral trade. Winners will create value from both export and import flows to
secure their share of the new value being created, navigate a far more competitive market and
drive tremendous growth—all at an accelerating pace.

Done correctly, banks can exploit bilateral trade to thrive in this brave new world—strengthening their customer franchises and brand, maintaining a defined culture and growing business through open collaboration with the world beyond financial services.

European banks that
exploit Open Banking
may generate up to
20% of lending
revenue pool by 2020.

GET OUTBOUND OPEN BANKING RIGHT

Outbound trade to stretch beyond bank walls to better serve customers

From an export perspective, with customers’ permission, banks will make certain customer data available to third parties in a regulated and secure way via a set of standard APIs. Third-party providers can then use those APIs to embed that information into their platforms to improve the products and services they offer. Under PSD2, third parties can also initiate bank-to-bank payment transactions on behalf of the customer.

Outbound masters will build customer loyalty, monetize their distribution reach, avoid becoming a commodity and generate new business by exporting information and services through:

Strategic partnerships within a larger, mutually beneficial ecosystem

Early API dominance, beyond the minimum regulatory requirements

New products and services, bank micro-services

New roles as Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP)

Two of our four winning bank models are best
placed to exploit outbound Open Banking:
Digital Category Killer & Utility Provider

GET INBOUND OPEN BANKING RIGHT

On the import side, banks can more meaningfully incorporate products and service features from third-party partners into their offerings. This can be everything from data (such as free credit scores) to merchant-funded rewards and more.

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